 The Keynesian Revolution and the Role of Money: Keynes’s Lasting ContributionGordon Fletcher
Chapter 8 in Dennis Robertson, 2006, pp 121-138 from Palgrave Macmillan Abstract: Abstract The problems of lecturing on such a vast topic — I choose to give a personal view rather than a survey. The Keynesian Revolution was a revolution of theory not of policy recommendations. The question of Keynes’s lasting contribution — I draw parallels with others who have shaped the modern world view. Keynes produced a theory of the real-world economy that recognised the central importance of uncertainty, time and history and as such gave rise to an economics relevant to the short run — the dimension of biography. Keynes’s attitude to life and death and the influence of his philosophical inspiration on the theoretical constructs he produced. Keynesian economics gave a new theoretical importance to money, the nature of which underwrote the possibility of a ‘macro-economics’ and reflected the characteristic features of the real world. I trace the fate of the Keynesian Revolution in the neo-classical synthesis. Keywords: Organic Unity; Invisible Hand; Monetary Economy; Effective Demand; Marginal Propensity (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-59590-3_9 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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